BT Group FY Profit Down

Telecom company BT Group plc (BT_A.L,BT) reported that its profit after tax for the full year ended 31 March 2021 declined to 1.47 billion pounds from 1.73 billion pounds in the prior year. Basic earnings per share decreased to 14.8 pence from 17.5 pence last year.

Reported profit before tax was 1.80 billion pounds, down 23% from last year, primarily due to reduced EBITDA.

Adjusted EBITDA was 7.42 billion pounds, down 6% from the prior year, primarily due to the fall in revenue, special frontline bonus, increased service costs and continued investment in copper-to-fibre migrations and our FTTP base, partly offset by sports rights rebates and cost savings including modernisation programme, tight cost control, and Covid-19 mitigation actions.

Annual revenue was 21.33 billion pounds, down 7% from last year, primarily due to the impact of Covid-19 on Consumer and enterprise units, ongoing legacy product declines and divestments, partly offset by higher equipment revenue and Openreach bases in fibre and Ethernet. Adjusted revenue was down 6% in line with expectation.

Looking ahead for 2021/22, the company expects adjusted revenue to be broadly flat year on year; adjusted EBITDA of 7.5 billion pounds - 7.7 billion pounds.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Cuisine Solutions is recalling its JUST Egg flavored plant-based "bites" products due to undeclared allergens, the U.S. Food and Drug Administration said. The recall involves a limited number of 2-pouch retail packages that may contain an incorrect sealed pouch containing whole-egg and milk products, known allergens. Hedge-fund billionaire William Ackman's Pershing Square Tontine Holdings Ltd. (PSTH) agreed to acquire 10% of Universal Music Group from French media conglomerate Vivendi (VIV.L, VIVEF.PK) for about $4 billion, the companies said in a statement on Sunday. The 737 MAX 10, Boeing Co.'s largest 737 Max model, is taking its maiden flight today, reports said citing people familiar with the matter. The flight after months of testing and certification will be around 10 a.m. local time from the Seattle area. The schedule could change depending on weather or other factors. Meanwhile, the jetliner is expected to enter commercial service in 2023.
Follow RTT